Business
Audited Results for the year ended 30 June 2014
Audited Results for the year ended 30 June 2014.
About this update from Cap-xx Limited
[{"type":"text","content":"\n \nRNS Number : 9564Q CAP-XX Limited 08 September 2014 \n \n\n \n8th September 2014\n \n \nCAP-XX Limited\n(CAP-XX\" or the \"Company\")\n \nAudited Results for the year ended 30 June 2014\n \n \n \nCAP-XX Limited, a world leader in the design and manufacture of thin, flat supercapacitors and energy management systems, is pleased to announce its audited results for the year ended 30 June 2014.\n \nKey highlights\n \n· Sales revenue of AUD$4.0 million (2013: AUD$3.6 million) reflected an 11% year on year increase.\n· Product Gross Margin (GM) was 13.6% (2013: 8.5%) on a like for like basis, after adjusting for the amortisation benefit of the Nationgate transaction.\n· The majority of actions to realise cost savings have been put into place and the forecast savings are higher than initially estimated. \n· Following the successful in launch of a prototype of its first automotive product and commencement of low volume sales for third party evaluation, CAP-XX's supercapacitor technology for automotive applications is now at an advanced stage, with detailed negotiations currently underway. The Board expects these to result in the securing of licensing revenues during the current financial year. \n· Continue focus on current and new product development as well as improved production processes.\n· Cash reserves at the end of June were AUD$0.9 million. A R&D tax rebate from the Australian Tax Office of AUD$1.2 million (2013: AUD$1.0 million) is expected to be received in September 2014.\n \nAnthony Kongats, CEO of CAP-XX said:\nOur order book remains strong and currently stands above historical average levels for this time of the year. Significant projects from both traditional and new markets are being addressed which should further boost both the order book and product revenue for the 2015 financial year. The progress on the delivery of operational cost savings is pleasing and the impact is already being seen in an improving product gross margin and a significant reduction in the cash burn. In addition to the encouraging launch of our automotive product, our partner, Murata, has become more a...